First Bank Launches Digital Account Opening Solution

On Jun 20, 2024

First Bank has launched a new Digital Business and Consumer Account Opening experience powered by Narmi that will allow customers to digitally open accounts with First Bank in minutes without visiting a branch, driving a new digital channel of deposit growth.

“How customers want to interact with their financial partner is rapidly evolving. Providing seamless account opening is imperative for community banks seeking to provide businesses, entrepreneurs and consumers with a streamlined digital experience,” said Patrick Ryan, president and CEO of First Bank. “First Bank is committed to providing customers with digital banking services that complement the bank’s traditional, relationship-driven model. That’s a winning formula for us as we grow our core business.”

Adding Online Account Opening is another milestone in the bank’s larger digital strategy. In 2023, First Bank launched an online business loan application portal, which serves to digitize and expedite loan funding up to $500,000 for small businesses throughout the region.

Online Account Opening also helps First Bank establish and expand relationships in and out of its immediate geographic footprint.

Narmi’s platform includes fully integrated and automated Know-Your-Customer (KYC) and Know-Your-Business (KYB) decisioning, which means First Bank can meet all compliance regulations in minutes, track applicants, and leverage instant document collection.

“We’re proud to help transform how businesses and consumers interact with First Bank. Narmi is excited to be part of First Bank’s larger digital banking strategy,” said Nikhil Lakhanpal, Co-Founder of Narmi.

First Bank has 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington (2), Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Glenn Mills, Lionville, Malvern, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida.

With $3.59 billion in assets as of March 31, 2024, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor.

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